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Friday, 22 September 2017

Lufthansa set to land Air Berlin assets, sources reveal - The National

Lufthansa set to land Air Berlin assets, sources reveal - The National:

"Lufthansa is set to pick up a large part of insolvent rival Air Berlin, and easyJet is also still in the running for some assets, two sources familiar with the matter said. Air Berlin’s creditors met on Thursday to discuss offers for Germany’s second largest airline and agreed the carve-up, the sources said. Air Berlin, which has about 8,000 employees and operates 144 mostly leased planes, filed for insolvency in August after major shareholder Etihad pulled the plug on funding."



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OPEC, Allies Wait and See If Oil Cuts Need to Be Extended - Bloomberg

OPEC, Allies Wait and See If Oil Cuts Need to Be Extended - Bloomberg:

"OPEC and its allies indicated that they’ll wait a bit longer to see if further action is required in their bid to clear a global oil glut. Ministers from nations that together pump more than half the world’s oil at times made conflicting statements, but broadly signaled that their meeting on Friday wouldn’t take concrete steps to address concerns that their agreement may end too early. While their production cuts have shown signs of success in recent months, the market could return to surplus next year if the group allows the accord to expire at the end of March. “OPEC members are trying to target a figure of close to $60 a barrel. We’re not too far away from that,” Nigerian Minister of State for Petroleum Emmanuel Ibe Kachikwu said in an interview on Friday with Bloomberg television in Vienna. “If we get to March and find that there’s a need to do more, I think we will.”"



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Saudi Arabia to implement bankruptcy law in early 2018 - Al Arabiya

Saudi Arabia to implement bankruptcy law in early 2018 - Al Arabiya:

"Saudi Arabia will begin implementing a new bankruptcy law early next year as part of efforts to attract foreign investment and encourage private sector activity, Saudi-owned broadcaster Al Arabiya reported citing the kingdom’s commerce minister.

Under current legislation there is no easy way to wind up the activities of indebted companies in Saudi Arabia and the new law could help with government plans to restructure the economy and make it more attractive to outside investors.

“(The) bankruptcy law has been passed to the Shura Council and we expect it to be implemented by the end of the first quarter of 2018,” Commerce and Investment Minister Majid al-Qusaibi said in an interview according to Al Arabiya’s website."



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